Elliott wave analysis of EUR/JPY for September 5, 2017

Wave summary:

Support at 129.64 should be able to protect the downside for the next rally higher towards 134.80 and the long-term target for wave D at 137.36. An unexpected break below support at 129.64, will shift the top of wave i forward to the 131.71 higher and the ongoing decline from this high as a wave ii correction with an ideal target set at 129.12 before turning higher again.

R3: 131.71

R2: 131.38

R1: 130.69

Pivot: 130.00

S1: 129.64

S2: 129.12

S3: 128.50

Trading recommendation:

We are long EUR from 128.50 with stop placed at 129.55. If you are not long EUR yet, the buy a break above 131.38 and use the same stop at 129.55.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of EUR/JPY for September 5, 2017